VS is now a mature business and has to calculate it's risks very differently
This is true, but the fact they have limited growth opportunities ex LHR without extra runway capacity poses a problem. They are somewhat isolated, I am not convinced that in its present size and shape (given industry challenges e.g. fuel costs, aircraft costs, etc and the growth of taxes) that it will have a long future.
The business is consolidating and looking at 2012 we will recognise further changes, another reduction in the number of airlines flying in the UK. Malev has disappeared, SAS on very shaky territory. Consolidation will be a key feature in the coming years and regulators may relax the rules in recognition of the challenges that currently exist, what does anybody else think? Perhaps in the interest of jobs in the first instance, debatable comment I know.
EI-BUD